Coinbase and 65 other crypto advocacy groups are urging the U.S. House to pass the Digital Asset Market Clarity Act, known as the CLARITY Act, to define the regulatory landscape for the crypto industry. They argue that without a pro-crypto policy, the U.S. risks losing its competitive edge as the crypto sector evolves. The CLARITY Act aims to clarify the roles of the CFTC and SEC in regulating crypto, primarily assigning jurisdiction to the CFTC for most crypto products, while addressing crypto securities. The letter reflects concerns that the lack of regulatory clarity is pushing innovation and talent abroad. Scheduled during 'Crypto Week,' the House will also consider other significant legislation related to central bank digital currencies and stablecoin regulations. However, Senate Democrats have expressed apprehension regarding the CLARITY Act, criticizing it as rushed and overly complex. Key figures, including House Speaker Mike Johnson, are pushing for a timely review of the bill before the summer congressional break, but potential roadblocks remain regarding consensus across parties.

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